Nifty: Banking on Banks

٢٧ أكتوبر ٢٠٢٠

Nifty continues to yo-yo 🪀 as the index bounced back today thanks to the helping hand from banking stocks. Recently we’ve had a rising channel & ascending triangle breakdown which has pushed the short term trend down. And now we have an encouraging bounce back in our hands and this time the savior is not RELIANCE Industries. Two important and obvious levels to keep in mind are 12,000 and 11,700.

A retest of 12,000 on the upside will not only prove the resilience of the bulls, but will also set in positive sentiment within the market. On the flip side, a slip below 11,700 assures selling pressure which will easily drag the index further down towards 11,600 and then 11,400. I personally think that the bulls are NOT going to give it up that easily.

Trade Well. Trade Wise.